BusinessPostCorner.com
No Result
View All Result
Monday, June 2, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

US Virgin Islands to seek $190mn from JPMorgan in Jeffrey Epstein trial

July 14, 2023
in Finance
Reading Time: 3 mins read
A A
0
US Virgin Islands to seek 0mn from JPMorgan in Jeffrey Epstein trial
ShareShareShareShareShare

Receive free Jeffrey Epstein updates

We’ll send you a myFT Daily Digest email rounding up the latest Jeffrey Epstein news every morning.

The US Virgin Islands will seek a payout of at least $190mn from JPMorgan Chase in a looming trial over the bank’s alleged facilitation of Jeffrey Epstein’s human trafficking in the territory.

The demand, contained in a brief filed in court on Friday, comes just over a month after JPMorgan agreed to pay $290mn to settle a similar but separate claim brought by an unnamed Epstein victim on behalf of dozens of other women who allege they were abused at the hands of the late financier.

JPMorgan, which maintained Epstein as a client from 1998 until 2013, has not admitted any liability in either proceeding, but conceded its relationship with Epstein had been “a mistake”. The bank did not immediately respond to a request for further comment on the demands by the US Virgin Islands.

The pair of lawsuits from the unnamed victim and the US Virgin Islands, both filed late last year, have shone an unflattering light on the bank’s internal compliance processes and generated embarrassing headlines for the US’s largest lender.

Some of its most senior managers — including longstanding chief executive Jamie Dimon, and Mary Erdoes, the head of JPMorgan’s $4tn asset and wealth management business — were forced to answer questions under oath about what they knew of Epstein’s crimes.

Court filings revealed that employees at JPMorgan were aware by July 2006 that Epstein had been arrested in Florida, and that they had discussed his 2008 guilty plea to a state charge of soliciting a minor, as well as the requirement that he register as a sex offender. 

In a brief filed to a New York court on Friday, the US Virgin Islands said it was seeking $150mn in civil penalties, as well as $40mn in disgorgements of profits the territory claims that JPMorgan made from its relationship with Epstein, and the wealthy individuals he allegedly introduced to the bank.

As well as seeking a payout, the US Virgin Islands said in a statement that it wanted to force JPMorgan to implement “structural institutional changes” to prevent the bank from making similar errors in the future.

Recommended

The proposed measures include separating JPMorgan’s business and compliance units and appointing an external consultant to ensure that the lender “does not prioritise profits over its duty to report suspicious activities”.

“JPMorgan Chase must make significant changes to detect, report and stop human trafficking,” the US Virgin Islands’ attorney-general Ariel Smith said.

“Financial penalties, as well as conduct changes, are important to make sure that JPMorgan Chase knows the cost of putting its own profits ahead of public safety,” she added.

The US Virgin Islands is also demanding that JPMorgan pays its legal fees if its lawsuit is successful and that the bank set up a fund to compensate victims who were allegedly abused in the territory.

A trial is set for October.

Epstein died by suicide in 2019 in New York, while awaiting trial on federal charges of sex trafficking. His associate Ghislaine Maxwell was sentenced to 20 years in prison in 2022.

.

Credit: Source link

ShareTweetSendPinShare
Previous Post

‘General Hospital’ star mired in off-screen guardianship drama and forensic accounting

Next Post

New Lab In Sri Lanka To Detect Endangered Sharks In Fish Markets

Next Post
New Lab In Sri Lanka To Detect Endangered Sharks In Fish Markets

New Lab In Sri Lanka To Detect Endangered Sharks In Fish Markets

Jamie Dimon says ‘don’t put a good foot forward, put the truth forward’ and reveals what would get him into public service

Jamie Dimon says ‘don’t put a good foot forward, put the truth forward’ and reveals what would get him into public service

May 31, 2025
Post Office payouts ‘not by kangaroo court’, says oversight body

Post Office payouts ‘not by kangaroo court’, says oversight body

May 27, 2025
Pakistan to Set Up Bitcoin Reserve, Echoing US Crypto Strategy

Pakistan to Set Up Bitcoin Reserve, Echoing US Crypto Strategy

May 29, 2025
AICPA wants Congress to change tax bill

AICPA wants Congress to change tax bill

May 30, 2025
WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

WEMIX Faces June 2 Delisting After Court Ruling – Can the Gaming Token Bounce Back?

May 30, 2025
Stocks flat after Trump says China ‘totally violated’ trade agreement with U.S.

Stocks flat after Trump says China ‘totally violated’ trade agreement with U.S.

May 30, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

China says US has ‘severely violated’ tariffs truce

China says US has ‘severely violated’ tariffs truce

June 2, 2025
Dow futures dip as Wall Street weighs likelihood of Trump’s latest tariff threat, while U.S. eyes call to resolve China trade snag

Dow futures dip as Wall Street weighs likelihood of Trump’s latest tariff threat, while U.S. eyes call to resolve China trade snag

June 2, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!